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GLG Life Tech Corporation (TSX: GLGLF) is a vertically integrated leader in sustainable natural sweeteners, specializing in stevia and monk fruit extracts. This page provides investors and industry professionals with centralized access to official announcements, financial updates, and strategic developments from the company.
Stay informed about production innovations, agricultural partnerships, and market expansions through verified press releases and analysis. Key updates include earnings reports, sustainability initiatives, R&D breakthroughs, and supply chain developments within the global food and beverage sector.
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GLG Life Tech Corporation (TSX:GLG) reported financial results for 2022, revealing revenues of $10.9 million, unchanged from 2021, and a gross profit margin of 29%, up from 27%. In Q4 2022, revenues reached $3.0 million, reflecting a slight increase of 1% year-over-year. However, the company faced significant challenges, posting a net loss of $15.8 million in Q4, up from $8.4 million in Q4 2021. For the full year, net loss worsened to $33.1 million, compared to $23.7 million in 2021. To address cash flow issues, GLG secured a CAD $1 million revolving loan and actively seeks partnerships and ventures to stabilize finances.
GLG Life Tech Corporation announced a delay in filing its annual financial statements and related documents for the year ended December 31, 2022, beyond the March 31, 2023 deadline. The delay arises due to unresolved issues identified by the auditors, including required bank loan confirmations. The Company is working with its auditor, DNTW Toronto LLP, to resolve these issues quickly, aiming to file by April 7, 2023. Despite this delay, GLG confirms there are no insolvency proceedings against it, and no material business developments have occurred since its last interim financial report.
GLG Life Tech Corporation (GLGLF) reported financial results for Q3 and the first nine months of 2022. Revenues increased by 13% to $2.4 million in Q3 compared to $2.1 million in Q3 2021, while gross profit margin improved to 32%. However, net loss for Q3 rose to $7.5 million, up from $7.0 million in the previous year. For the nine months, revenues remained flat at $7.9 million, with a net loss of $17.2 million, exceeding the $15.3 million loss from 2021. The company is focused on reducing expenses and seeking opportunities to improve its financial stability.
GLG Life Tech Corporation (TSX:GLG) reported Q2 2022 revenue of $2.8 million, up 10% from $2.5 million in Q2 2021, with a stable gross profit margin of 32%. However, revenue for the first half of 2022 decreased to $5.5 million, down 5% from $5.8 million last year. The net loss increased to $5.5 million for the quarter, reflecting a 21% rise from Q2 2021, and $9.7 million for the six months, a 17% increase. The company formed a joint venture in April 2022 to enhance its operations in China and potentially improve its financial stability.
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